mastercard blockchain patentMastercard, the Financial services company, filed a patent with US patents last week. The said patent is primarily focused on private and anonymous transactions through blockchains. It backs up its judgment by saying that transactions involve public keys while blockchains doesn’t require these keys. After the information is saved, a transaction signature will be formed anew and sent.
The patent mentions that this results in the system showing only the funds conveyed to and collected from a small volume of addresses that ultimately are part of a larger volume of transactions, and this conceals the information and makes the process harmless.
Another method is to use various transfers by various addresses. It also mentions that most people are using digital currencies for their dealings because it lets them remain anonymous throughout the process. It is very hard to track the person by following a certain blockchain address. The patent finally says that there is a dire need to address and work on to find a solution to increase privacy and anonymity of the consumers that use blockchains.
The recent cases of the U.S. Regulators are announcing to beware of blockchains that concentrate on the privacy of the transactions. They say that such platforms promote illegal transactions of money and the privacy factor makes it hard to pinpoint the criminal. They further conclude that these traits are likable on platforms. While it is also important to understand the magnitude of damage, illegal activity can cause and hence the need to prevent damage tracing them and keeping them under control is necessary.
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